Oh right, it does say Toggle, not Start! As a dev who likes thinking about frontend design, that is an interesting thing to observe -- Technically, the label is perfectly clear in what it does, but a lot of people won't exactly read it that way, especially since the context of having a dedicated Cancel shortcut under it implies that the top shortcut is just for starting the recording.
The fix would probably be to label the top shortcut as "Start/Stop Recording" 🤔

See my best guess was CTRL+C stopping the process like on a command line.

idk